Ethereum Whales Fuel Buying Pressure

Institutional Accumulation

Institutional investors are piling up Ethereum, thanks to the SEC’s approval of Spot Ethereum ETFs. This buying frenzy has created significant pressure that could propel Ethereum past the $4,000 mark.

Whale Activity

The number of Ethereum addresses holding over 10,000 ETH has jumped 3% in the past three weeks. This surge in large investor interest is a positive sign for Ethereum’s future.

ETF Speculation and Price Surges

Earlier this year, speculation about ETF approvals and institutional buying pushed Ethereum’s price up. The first surge occurred in February when the SEC considered approving Spot Ethereum ETFs. The price soared 83% that month, reaching above $4,000.

SEC Approval and Continued Accumulation

With the SEC’s approval of Spot Ethereum ETFs, institutional investors are loading up on Ethereum. The number of wallets holding over 10,000 ETH has exceeded 975 and is approaching 1,000.

On-Chain Data

On-chain data shows that Ethereum withdrawals from exchanges have increased, making it scarcer on centralized platforms. This trend has pushed Ethereum’s balance on exchanges below Bitcoin’s.

Price Outlook

The massive buying pressure from whales has created a bullish outlook for Ethereum’s price. However, short-term volatility is possible. The first major resistance level is around $3,700, where a significant number of addresses hold Ethereum.